| General Underwriting Guidelines for Income
Producing Properties There are over a dozen
multifamily products that we offer including money
for purchase, rehab, cash out, and construction of
"for leased" property types. To give you
an example on a 75% LTV - stabilized multifamily
property - $1,000,000 at a DSCR 1.2 - 30 year
amortization - strong borrower - is quoting at 5.75%
for the month of February.
We can lend on basically any
multifamily apartment property if it is whether it is cash flowing or not.
We can use other income from the borrower to support
cash flow or just the property itself.
Each
situation is unique and the best way to determine
feasibility is to
contact us to discuss. 1-317-663-3153 -
All commercial properties considered Nationwide.
General Terms:
Eligible
Properties
Any commercial income producing real estate will
be considered nationwide. |
Eligible
Transactions
Acquisitions, refinance, expansion,
rehabilitation, bad credit, partner buy-out, and
cash out transactions are acceptable. |
Transaction
Size
$250,000 to $50 million. |
Loan Rate
All rates are quoted on a case-by-case basis -
please call |
LTV
(Loan-To-Value)
Up to 90% of valuation, depending on
borrower's credit score and property type. |
Second
Mortgages
May be permissible with up to 90% combined
loan-to-value. |
Terms
1 month to 30 year loans with Interest only to
30 year amortizations, unless a bridge or
mezzanine loan is required.
|
Prepayment
Penalty
There may or may not be a prepayment penalty.
This will depend on the type of loan you are
requesting.
|
Ownership
Most legal entities accepted.
|
Recourse
Full to limited recourse to individual borrower
or guarantor required. Exceptions allowed at
lender's discretion with lower LTV loans.
|
Security
First mortgage lien on the subject property(s),
assignment of leases and rents, pledge of
partnership interests, UCC on other collateral.
|
Good
Faith Deposit
There may be a deposit due upon
acceptance of the Letter of Interest or
Conditional Loan Approval, in order to proceed
with the loan. This deposit will cover third
party reports and processing. Any unexpended
balance can be credited at closing.
|
Origination
Fee
Usually 0% to 3% of the loan amount - Depends on
the quality of the borrower and project. |
Third Party
Reports
Appraisal, survey, and environmental insurance
or reports will usually be required. Some existing reports may be
acceptable with pre-approval.
|
Closing
Time
Most loans can be closed in 45 days. Bridge
loans can be closed in 2 weeks or less. |
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